Hello Money Mentors, this is my first blog post for this website Your Money Mentor. I'm not new to blogging, I've been blogging about Personal Finance and Wealth Building since 2010, for my business website. I'm looking forward to 2012, so I know I have my work ahead of me.
Here are my 12 tips that I want to share regarding how to build wealth and enhance your knowledge in personal finance. I will be practicing these tips as well.
- Knowledge - continue to seek knowledge, no one knows everything. Remember the pocket-book can't grow unless the mind grows.
- Financial freedom - means you own your time, you're not working for money; money is working for you. Seek and invest time an energy on things that can allow you to leverage your talents, skills and abilities. This will allow you to create multiply streams of income, which in turn will free up your time.
- Find your Passion - Don't just do things for the money, find something that gets you excited so you can continue to create and get better. More money may satisfy your needs and wants but it's not enough to keep you excited.
- Strategic Partnerships - Find other people who share the same interest as you. Then find ways that the two of you can leverage each others knowledge.
- Mindset Mastery - Face your financial fears, and get rid of your self sabotaging belief system. This will hinder you from attracting wealth into your life.
- Eliminate Debt - Don't let debt haunt you in 2012, finds ways to eliminate defaulted, current and past due debt.
- Rebuild Credit - Don't be scared to order you credit report and find out what your credit scores. You can't rebuild unless you know where you starting.
- Automate Savings - Trying to save does not have to be hard, have your accounts set up to work automatic, this will eliminate procrastination.
- Passive Income - Create an intellectual product which that can become a passive stream of income that can be ongoing.
- Residual Income - Look to create or invest in assets that can provide you with a residual income
- Start a business - Being a business owner if done the right way will allow you to build wealth. If you are already a business owner, you should be working on your business not in your business. There is a difference don't recreate the wheel.
- Seek an advisor - If you do not have the discipline to stay on track, find a coach, an advisor, or buddy to hold you accountable to meet your goals.
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